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easyMCQCUET Accountancy 2022 30 Aug Shift 22026Accountancy
1 mark

At the time of admission of a new partner general reserve appearing in the old balance sheet is transferred to _______

  1. A
    All Partner's Capital A/C
  2. B
    New Partner's Capital A/C
  3. C
    Old Partner's Capital A/C
  4. D
    Gaining Partner's Capital A/C

Solution & Step-by-step Explanation

General reserve appearing in the old balance sheet is distributed among the old partners in their old profit-sharing ratio and transferred to the Old Partner's Capital A/C.

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At the time of admission of a new partner general reserve appearing in the old balance sheet is transferred to _______
A
All Partner's Capital A/C
B
New Partner's Capital A/C
C
Old Partner's Capital A/C
D
Gaining Partner's Capital A/C

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